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05 June
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Facebook says it could pay more tax after G7 deal By Reuters

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LONDON (Reuters) - Facebook (NASDAQ:FB) welcomes the progress made by the Group of Seven on a minimum tax rate and accepts this could mean the social network pays more tax, and in different places, its head of global affairs Nick Clegg said on Saturday. "Facebook has long called for reform of the global tax rules and we welcome the important progress made at the G7," Clegg said on Twitter. "Today's agreement is a significant first step towards certainty for businesses and strengthening public confidence in the global tax system. "We want the international tax...

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05 June
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G7 backs making climate risk disclosure mandatory By Reuters

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LONDON (Reuters) - Group of Seven (G7) rich countries backed moves to force banks and companies to disclose their exposure to climate-related risks on Saturday, a measure seen as vital to efforts to safeguard the financial system from climate change shocks. G7 finance ministers meeting in London also called for more coordination to measure what impact companies are having on the climate and environment, warning of the risk of fragmentation as local jurisdictions adopt different approaches. "We support moving towards mandatory climate-related financial disclosures that provide consistent and decision-useful information for market participants...

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05 June
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Factbox-G7 agreements on tax, climate and recovery By Reuters

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LONDON (Reuters) - The Group of Seven rich nations agreed on Saturday to commit to a global minimum corporate tax of at least 15% on a country by country basis. Below are the details of the agreement, according to the wording of a final communique seen by Reuters: ON A MINIMUM CORPORATE TAX: We also commit to a global minimum tax of at least 15% on a country by country basis. We agree on the importance of progressing agreement in parallel on both Pillars and look forward to reaching an agreement at the July meeting of...

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05 June
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India to Twitter: Comply with IT rules or face ‘unintended consequences’ By Reuters

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By Sankalp Phartiyal NEW DELHI (Reuters) - India has told Twitter Inc (NYSE:TWTR) it has one last chance to comply with new IT rules, or face "unintended consequences" according to a copy of an official letter seen by Reuters. The new rules - which were announced in February and which became effective at the end of last month - are aimed at regulating content on social media and making firms such as Facebook (NASDAQ:FB), its WhatsApp messenger and Twitter more accountable to legal requests. They also require big social media companies to set up...

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05 June
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Nigerian telecoms firms suspend access to Twitter By Reuters

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By Chijioke Ohuocha ABUJA (Reuters) - Nigerian telecoms firms blocked access to Twitter on Saturday following a regulatory directive aimed at suspending the U.S. social media giant indefinitely, a move criticised by rights campaigners and diplomats as a gag on free speech. Nigeria's government said on Friday it had suspended Twitter's activities indefinitely, two days after the platform removed a tweet by President Muhammadu Buhari that threatened to punish regional secessionists in the West African country. The country's main telecoms industry body, the Association of Licensed Telecommunication Operators of Nigeria (ALTON), confirmed the suspension. "Based...

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05 June
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G7 tax agreement provides level playing field-UK’s Sunak says By Reuters

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LONDON (Reuters) - A Group of Seven agreement to commit to a global minimum corporate tax of at least 15% on a country by country basis will create a level playing field for companies around the world, British finance minister Rishi Sunak said on Saturday. He added that the need for national digital services taxes would fall away once the global solution is in place. "After years of discussion, G7 finance ministers have reached a historic agreement to reform the global tax system to make it fit for the global digital age," he...

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05 June
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G7 finance ministers agree global minimum tax of at least 15% By Reuters

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LONDON (Reuters) - Group of Seven rich nations agreed on Saturday to commit to a global minimum tax of at least 15% on a country by country basis. "We commit to reaching an equitable solution on the allocation of taxing rights, with market countries awarded taxing rights on at least 20% of profit exceeding a 10% margin for the largest and most profitable multinational enterprises," a communique from G7 finance ministers seen by Reuters said. "We will provide for appropriate coordination between the application of the new international tax rules and the removal...

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05 June
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Ryanair to appeal against state funds injected into new Alitalia – paper By Reuters

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ROME (Reuters) - Ryanair will appeal against funds made available to the government-owned Italian airline that will replace Alitalia as it considers them illegal state support, the chief executive of the Irish carrier said on Saturday. "As soon as this money will be injected in the newco we will take the (due) steps," CEO Eddie Wilson told Italian daily la Repubblica in an interview. "We are waiting to see, but it is clear that it is illegal aid and we will defend our interest by appealing against this umpteenth loan," he added. ...

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05 June
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Bulgaria to set up its own ‘blacklist’ after U.S. graft sanctions By Reuters

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SOFIA (Reuters) - Bulgaria will set up its own "blacklist" of companies and people associated with three Bulgarians and 64 entities that the United States has imposed sanctions on over alleged corruption, preventing state dealings with them, the interim government said late on Friday. The United States this week blocked assets and cut off access to its financial system to former lawmaker and media mogul Delyan Peevski, government official Ilko Zhelyazkov and fugitive gambling tycoon Vassil Bozhkov. The interim government, in office until a July 11 parliamentary election, is setting up a group of...

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05 June
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G7 nations near historic deal on taxing multinationals By Reuters

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By David Milliken LONDON (Reuters) - Group of Seven rich nations will seek to overcome long-standing differences on Saturday and strike a landmark deal to close the net on large companies that they say do not pay enough tax. The proposed accord, which could form the basis of a global pact next month, is aimed at ending a decades-long "race to the bottom" in which countries have competed to attract corporate giants with ultra-low tax rates and exemptions. That has in turn cost their public coffers hundreds of billions of dollars - a shortfall they...

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